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Admission Test Financial-Accounting-Reporting Exam Syllabus Topics:

Admission Test Certified Public Accountant (Financial Accounting & Reporting) Sample Questions:

Question 1

Conceptually, interim financial statements can be described as emphasizing:

A. Comparability over neutrality.
B. Relevance over comparability.
C. Reliability over relevance.
D. Timeliness over reliability.

Question 2

Adam Corp. had the following infrequent transactions during 1989:
* A $190,000 gain on reacquisition and retirement of bonds. This material event is also considered unusual for Adam Corp.
* A $260,000 gain on the disposal of a component of a business. Adam continues similar operations at another location.
* A $90,000 loss on the abandonment of equipment.
In its 1989 income statement, what amount should Adam report as total infrequent net gains that are not considered extraordinary?

A. $360,000
B. $450,000
C. $100,000
D. $170,000

Question 3

The following costs were incurred by Griff Co., a manufacturer, during 1992:

What amount of these costs should be reported as general and administrative expenses for 1992?

A. $810,000
B. $635,000
C. $260,000
D. $550,000

Question 4

Mellow Co. depreciated a $12,000 asset over five years, using the straight-line method with no salvage value. At the beginning of the fifth year, it was determined that the asset will last another four years. What amount should Mellow report as depreciation expense for year 5?

A. $900
B. $2,400
C. $600
D. $1,500

Question 5

On January 2, 1993, Quo, Inc. hired Reed to be its controller. During the year, Reed, working closely with Quo's president and outside accountants, made changes in accounting policies, corrected several errors dating from 1992 and before, and instituted new accounting policies.
Quo's 1993 financial statements will be presented in comparative form with its 1992 financial statements.
This question represents one of Quo's transactions. List B represents the general accounting treatment required for these transactions. These treatments are:
* Cumulative effect approach - Include the cumulative effect of the adjustment resulting from the accounting change or error correction in the 1993 financial statements, and do not restate the 1992 financial statements.
* Retroactive or retrospective restatement approach - Restate the 1992 financial statements and adjust 1992 beginning retained earnings if the error or change affects a period prior to 1992.
* Prospective approach - Report 1993 and future financial statements on the new basis but do not restate 1992 financial statements.
Item to Be Answered
Quo manufactures heavy equipment to customer specifications on a contract basis. On the basis that it is preferable, accounting for these long-term contracts was switched from the completed-contract method to the percentage-of-completion method.
List B (Select one)

A. Cumulative effect approach.
B. Prospective approach.
C. Retroactive or retrospective restatement approach.

Solutions: